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Investment Grade CDS Market February 2026

Our newsletter presents key trends derived from observable Credit Default Swaps pricing data over a monthly period.

Top 10 Outperformers

Showcases the top 10 IG CDS “outperformers” based on the largest mid spread decreases between 2/1/26 – 2/28/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	OVV 5Y	OVINTIV	-13.3%	-12	76	88	4
2	HONDA 5Y	AMERICAN HONDA FIN CORP MEDIUM	-12.4%	-8	54	62	5
3	HKLAND 5Y	HONGKONG LD LTD	-10.0%	-10	90	100	2
4	PPR 5Y	KERING SA	-9.4%	-6	58	64	4
5	CAFP 5Y	CARREFOUR SA	-8.1%	-6	73	79	3
6	CCI 5Y	CROWN CASTLE INTERNATIONAL CORP	-7.9%	-5	58	63	2
7	CNQCN 5Y	CANADIAN NAT RES LTD	-7.3%	-4	51	55	4
8	ANNGR 5Y	SIEGE SIEDLUNGSGESELLSCHAFT	-7.1%	-6	81	87	3
9	ADECCO 5Y	ADECCO SA	-7.1%	-6	81	88	3
10	PERNOD 5Y	PERNOD RICARD S A	-6.5%	-3	49	53	4

Top 10 Underperformers

Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 2/1/26 – 2/28/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	OMC 5Y	OMNICOM GROUP INC	67.9%	28	70	42	6
2	PRU 5Y	PRUDENTIAL FINANCIAL, INC	67.5%	38	95	56	5
3	EXPE 5Y	EXPEDIA INC	61.7%	35	91	57	6
4	MET 5Y	GENAMERICA CAP I	58.7%	33	89	56	5
5	CAPFP 5Y	CAPGEMINI SE	32.8%	20	80	61	3
6	TD 5Y	BFD PFD CAP TR II	32.2%	12	48	36	2
7	AIG 5Y	AMERICAN INTERNATIONAL GROUP	29.8%	14	61	47	4
8	MS 5Y	MORGAN STANLEY	28.3%	14	64	50	7
9	PSON 5Y	PEARSON DLR FIN PLC	27.1%	14	64	50	4
10	ZURNVX 5Y	ZURICH INSURANCE CO LTD	22.6%	9.1	50	40	4

Normalized IG Spread by Region

Displays the IG CDS spread by region between 2/1/26 – 2/28/26 Results are based on select regions, however, we offer data across 12 regions

IG Spread by Region – Monthly Comparison

Exhibits the IG mid spread by region for the month ending 1/31/26 vs. the month ending 2/28/26

REGION	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
Global	45	47	2	Wider	610
U.S.	47	49	2	Wider	253
U.K.	46	50	3	Wider	42
Canada	41	46	5	Wider	15
China	45	45	0	Tighter	13
APAC	49	51	1	Wider	40

Normalized IG Spread by Industry

Displays the IG CDS spread by industry between 2/1/26 – 2/28/26 Results are based on select industry sectors, however, we offer data across 36 sectors

IG Spread by Industries – Monthly Comparison

Exhibits the IG spread by industry for the month ending 1/31/26 vs. the month ending 2/28/26

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	#N/A	#N/A	#N/A	#N/A	#N/A
Real Estate	72	81	9	Wider	23.00
Beverage, Food & Tobacco	43	43	1	Wider	32.00
Energy: Electricity	46	43	-3	Tighter	3.00
High Tech Industries	36	49	13	Wider	29.00
Insurance	45	51	6	Wider	28.00

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